Summary List Placement
Palm Beach has gained yet another billionaire resident.
Oracle cofounder Larry Ellison has paid $80 million for a 15,000-square-foot beachfront mansion in the southeast Florida county, Katherine Clarke reported for The Wall Street Journal.
Ellison, who has an $89.1 billion fortune and is the world’s 10th-richest person, said in December that he had relocated from California to the island he owns in Hawaii. The tech billionaire’s massive real-estate portfolio also includes properties in Malibu, Lake Tahoe, San Francisco, Rhode Island, and Japan.
His newest purchase is the third-largest oceanfront parcel of land in Palm Beach County, according to the listing, which was held by Douglas Elliman. The Tuscan-style estate sits in a gated community and sprawls over more than 15,000 square feet, with 520 feet of ocean frontage. It features a home movie theater, a wine room, a large private pool terrace, and a tennis court.
It’s one of “only a handful of properties in Florida where someone could land and take off in a helicopter from the estate,” according to the listing.
Ellison bought the 7.35-acre property from hedge-fund manager Gabe Hoffman, who put it on the market in June 2020, asking $79.5 million.
With his newest purchase, Ellison joins an affluent community that’s added even more billionaires to its ranks in the past year.
Billionaire private-equity executive Robert F. Smith bought two homes in Palm Beach for about $48 million in November. In February, hedge-fund billionaire David Tepper went into contract on a $73 million Palm Beach mansion. And casino mogul Steve Wynn, who’s worth $3.2 billion, has bought two Palm Beach homes since December — one for $18.4 million and one for $49 million. He’s already flipped the former for $23.68 million.
These new ultra-wealthy Palm Beach residents may rub shoulders with …read more